Asia is the largest source of profit. HSBC has earned nearly 30%

Benefiting from the strengthening of Asian business and cost control, HSBC Holdings (005) posted a benchmark profit of $5.922 billion in pre-tax profit for the third quarter, up 28.18% year-on-year, higher than market forecast (about 5.6 billion US dollars). Adjusted profit before tax increased by 16.15% year-on-year to US$6.193 billion. The benchmark income for the quarter was $13.798 billion, which is close to the expected ceiling. HSBC closed up 5.04% yesterday at 63.55 yuan, which is the best blue chip of the day and also contributed 124 points to the HSI.

Asia is still the largest source of profit for HSBC. In the third quarter, pre-tax profit increased by 10.67% year-on-year to 4.459 billion yuan (US$, the same below), with pre-tax profit in Hong Kong increasing by 16% year-on-year. In the first three quarters of this year, the pre-tax profit of the Asian region was 13.839 billion yuan, up 18.7% year-on-year. In other regions, the European region earned 634 million yuan, a loss of 50 million yuan in the same period last year; the Middle East and North Africa profit 322 million yuan, down 11.54% year-on-year; North America profit 467 million yuan, up 2.68 times year-on-year; Latin America profit 4000 Ten thousand yuan, down 73.33% year-on-year.

Hong Kong’s pre-tax profit increased by 16%

In the third quarter, the benchmark operating expenses were 8 billion yuan, a year-on-year decrease of 7%, including a favorable change of 500 million yuan for major projects and a favorable currency conversion difference of 200 million yuan. In the third quarter, the benchmark income of the account was 13.798 billion yuan, an increase of 6.32% year-on-year. The figures reflect the growth of retail banking and wealth management business, industrial and commercial finance business, and global business income of global banking and capital market businesses, but were income from corporate centers. Reduced and partially offset.

According to the business division, except for the enterprise center, the profit before tax adjustment of the other businesses increased on an annual basis. Retail banking and wealth management business contributed the most, with adjusted profit before tax of 2.096 billion yuan, up 24.69% year-on-year, accounting for 33.84% of pre-tax profit.

Retail banking and wealth management profit contribution

In addition, the Group’s first-quarter profit before taxation was 16.634 billion yuan, up 11.92% year-on-year, reflecting the overall growth of the Group’s global business revenue, but partially offset by increased operating expenses. The adjusted profit before tax was 18.332 billion yuan, an increase of 3.58% year-on-year. The third dividend was 0.1 yuan.

Fan Ning, CEO of HSBC, said in a conference call that he is cautiously optimistic about the prospects. Although the Sino-US trade war has affected the market and consumer confidence, it has not seen any significant impact on the business. The interest rate hike is also beneficial to the business. The bank has set aside 71 million yuan for the potential business impact of the trade war. The main goal at present is still the positive difference between the growth rate of income and the growth rate of expenditure.